For the second quarter of 2010, Total Segment Revenues were $552.3 million, up significantly from
$403.6 million for the second quarterFor the second quarter of 2010, Total Segment Revenues were $552.3 million, up significantly from
$403.6 million for the second quarter of 2009. The improvement was driven by increases in Investment
Income derived from an increase in the carrying value of the underlying portfolio investments in the
Private Equity and Real Estate segments, and by increased fees earned in the Financial Advisory segment.
These increases were partially offset by decreases in Performance Fees and Allocations.

Total Segment Expenses were $330.8 million for the second quarter of 2010, an increase from
$230.8 million for the second quarter of 2009. The increase in Compensation and Benefits to
$242.6 million for the second quarter of 2010 was primarily driven by an increase in Performance Fee
Related Compensation and an increase in Base Compensation.

GAAP results for the second quarter of 2010 included Revenues of $550.1 million, compared to
$406.4 million for the second quarter of 2009, and Net Loss Attributable to The Blackstone Group L.P. of
$193.3 million, compared to a net loss of $164.3 million for the second quarter of 2009.

Global equity markets declined sharply in the second quarter of 2010, while credit markets were flat to
slightly down and spreads moderately widened. Volatility increased and investors became more risk
averse, responding to growing concerns over the strength of the economic recovery, European sovereign
debt issues and regulatory uncertainty. In real estate, the fundamental picture continued to improve in the
second quarter. In office, certain markets continue to show improvements in occupancy trends and an
increasing level of leasing activity. In hospitality, industry RevPAR (Revenue Per Available Room), an
important hospitality industry metric, grew 6% in the second quarter, and has increased for four
consecutive months, following nearly two years of declines.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Our diversified business model
has continued to provide us stability and growth. While adverse global securities markets performance
had a negative impact on performance fees in the second quarter, we continue to see signs of
improvement in the fundamentals across our portfolio, which benefited the carrying values of investments
in Blackstone funds particularly in real estate. In addition, our successful long-term investment track
record on behalf of our limited partners allowed us to raise new funds even in a most challenging fund-
raising environment, bringing us to $111 billion in total assets under management at period end.”
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